AI for Accountants and Bookkeepers

By QuickBooks Canada Team

2 min read

The rise of artificial intelligence (AI) is reshaping the landscape in many fields, including accounting and bookkeeping. Many people view AI as a job-killer and fear the rise of intelligent machines will result in ending human work as we know it. The fact is, technological advancements have eliminated jobs for centuries while also creating opportunities that didn’t previously exist. AI has the potential to take over process-driven accounting roles such as bookkeeping and data entry, but, it also creates the need for workers to design AI systems and analyse the data they generate. AI can make life easier for accounting firms by simplifying tasks for a more streamlined approach to office efficiency.

Reshaping the Accounting Landscape

The rise of AI has major implications on those starting accounting careers or launching accounting businesses. If you’re a new accounting professional, you should keep close tabs on emerging industry trends and hone your skills around jobs best situated for future demand. The demand for simple tasks such as balancing ledgers and making journal entries should diminish as AI technology continues to improve. Current forms of AI lack the ability to analyse complex data and make inferences from it. AI communication technology is also behind its human counterparts, which means the value of good writing and oral communication skills should increase in time.

Email Writing

Incorporating AI into your email platform saves you time on what most accountants consider a monotonous task: responding to emails. Software such as Boomerang for Gmail helps you tailor your emails to an audience by keeping up with reading level, politeness, positivity, and subjectivity as you write. As you use the software, it gauges the responses your emails receive, and over time, it can use this data to predict how likely you are to receive a response based on how you write the email.

Scheduling

Your accounting business can benefit from using AI for scheduling meetings and conference calls. Since these things aren’t core activities that make you money, you’re better off devoting less time to these tasks. AI-powered virtual assistants such as x.ai handle the heavy lifting for you by serving as the go-between for scheduling meetings with clients. You simply CC the software in the email, and the software takes over from there, emailing back and forth with the client to determine a suitable meeting time.

Customer Support

Providing excellent customer support remains one of the best ways to retain customers and earn new ones through word-of-mouth advertising. If you’re a small accounting firm, you might not have the means for a fully staffed customer service department. AI offers a less-expensive alternative to take care of your customers’ needs. Customer support AI software comes in many forms, with the chat box ranking as one of the most popular. When a customer accesses your website, a chat box that resembles an instant message pops up and asks if the customer needs assistance. The best chat boxes are highly intelligent and can tailor their responses very specifically to customers’ needs. Artificial intelligence is transforming the accounting industry. Rather than letting these developments threaten you, get ahead of the curve by learning ways to use AI to advance your accounting career and streamline your business.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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